Fuel price set to drop today

FUEL prices are set for across-the-board drops today, July 5, according to the Automobile Association (AA), which was commenting on unaudited fuel price data released by the Central Energy Fund (CEF).

“The Rand remained firm over the past month, apart from a brief reversal caused by the Public Protector’s controversial comments on the role of the Reserve Bank,” the AA commented.

“At the same time, international petroleum prices maintained their downward trajectory.”

According to the Department of Energy, oil prices have reached their lowest point for the year.

“This adds up to a pleasing drop in the fuel price which will be a patch of good news for many in the current economic conditions,” said the AA.

Petrol is set to drop by up to 69 cents a litre, diesel by 62 cents, and illumination paraffin by 58 cents.

“The drop in paraffin prices will be particularly beneficial to citizens who rely on this fuel for lighting, cooking, and especially heating, in the winter months,” said the Association.

“As ever, even medium-term predictions of the fuel price remain difficult in the current environment of political instability and weak economic conditions. We advise all fuel users to create space in their budgets for price increases if the picture should deteriorate further.”

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